US consumer sentiment ebbs in June; inflation worries linger By Reuters

WASHINGTON (Reuters) – U.S. consumer sentiment deteriorated in June as households worried about inflation and incomes, a survey showed on Friday.

The University of Michigan’s preliminary reading on the overall index of consumer sentiment came in at 65.6 this month, compared to a final reading of 69.1 in May. Economists polled by Reuters had forecast a preliminary reading of 72.0.

“Assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes,” said Surveys of Consumers Director Joanne Hsu. “Overall, consumers perceive few changes in the economy from May.”

The survey’s reading of one-year inflation expectations was unchanged at 3.3%. Its five-year inflation outlook edged up to 3.1% from 3.0% in the prior month.